Thursday, February 20, 2014

Action Insight Daily Report 2-21-14

Action Insight	Candlesticks Trades	Markets Summary	Action Bias	Top Movers	Daily Technicals
Calendar	Elliott Wave Trades	Markets Volatility	Pivot Points	Heat Map	Daily Fundamentals

Action Insight Market Overview	Markets Snapshot
Daily Report: Dollar Stays Generally Bearish Despite Recovery, OECD Warned of Sluggish Growth Outlook in the forex markets are generally unchanged as the weekly close is approaching. European majors stay bullish against dollar and yen in spite of the intra-week pull back. Even Aussie is holding on to near term support of 0.8927 against the greenback and maintains mild bullish outlook. The bigger mover was found in the Canadian dollar, which is so far the weakest currency this week. And, USD/CAD's break of 1.1089 minor resistance yesterday indicates completion of recent pull back and we'd possibly see a test on 1.1223 soon. In particular, Canada will release retail sales and consumer inflation today and the Loonie is vulnerable to another selloff in case of downside surprises. Full Report Here...
Featured Technical Report
GBP/JPY Daily Outlook Daily Pivots: (S1) 169.40; (P) 170.08; (R1) 170.96; More..... Intraday bias in GBP/JPY remains neutral for the moment. With 169.11 minor support intact, rebound from 163.87 is expected to extend higher to 173.65/174.84 resistance zone. However, considering that the cross is limited by near term falling trend line, break of 169.11 will argue that rebound from 163.87 has finished. In such case, intraday bias will be turned back to the downside for retesting 163.87 instead and the correction from 174.84 might extend. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

Economic Indicators Update

GMT	Ccy	Events	Consensus	Previous
23:50	JPY	BoJ Minutes
09:30	GBP	Retail Sales M/M Jan	-0.90%	2.60%
09:30	GBP	Public Sector Net Borrowing (Pounds) Jan	-9.3B	10.4B
13:30	CAD	Retail Sales M/M Dec	-0.50%	0.60%
13:30	CAD	Retail Sales Less Autos M/M Dec	-0.10%	0.40%
13:30	CAD	CPI M/M Jan	0.10%	-0.20%
13:30	CAD	CPI Y/Y Jan	1.30%	1.20%
13:30	CAD	BoC CPI Core M/M Jan	0.10%	-0.40%
13:30	CAD	BoC CPI Core Y/Y Jan	1.30%	1.30%
15:00	USD	Existing Home Sales Jan	4.75M	4.87M

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency recovered after intra-day fall to 1.3686 and offers at 1.3730 were filled but sell orders are still seen at 1.3740-50 and 1.3775-80, more offers are reported from 1.3800 up to 1.3820 (stops above) and further out at 1.3840-50. On the downside, bids and stops at 1.3690-00 were tripped but buy orders are still seen at 1.3670-80, more buying interest is tipped at 1.3650, 1.3630 and 1.3600-10.

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Forex Trade Ideas

Trade Idea: EUR/GBP - Buy at 0.8195

Although euro has retreated after faltering below this week's high of 0.8261 and consolidation below this level would be seen, if our view that temporary low is formed at 0.8158 earlier this week is correct, downside should be limited to 0.8190-95 and bring another rebound later. Above said resistance would extend the rebound from 0.8158 for retracement of recent decline to 0.8280

Trade Idea: USD/CAD - Buy at 1.1020

As the greenback has staged a strong rebound after falling to 1.0910 yesterday, suggesting low is possibly formed there and consolidation with upside bias remains for test of 1.1122-24 resistance, however, break there is needed to add credence to this view and signal the correction from 1.1224 top has ended, bring further gain towards 1.1200 later but said resistance at 1.1224 should hold from here.